BUSINESS/FINANCE NEWS
Setup News Ticker
   BUSINESS/FINANCE NEWS
Searching for 'Business How'. (Return)

MarketWatch MarketPulseOct 27, 2020
Pfizer cites $500 million impact in the third quarter as a result of the COVID-19 pandemic
Shares of Pfizer Inc. were up 0.1% in premarket trading on Tuesday after the drug maker missed sales expectations for the quarter. Pfizer had earnings of $2.2 billion, or 39 cents per share, in the third quarter of 2020, down from $7.7 billion, or $1.36 per share, in the same quarter a year ago. It had adjusted earnings per share of 72 cents for the quarter, against a FactSet consensus of 71 cents. The drug company's revenue fell 4% to $12.1 billion for the quarter, compared with $12.7 billion in the same quarter a year ago. The FactSet consensus was $12.3 billion. The company attributed an estimated unfavorable impact of $500 million for the quarter to the COVID-19 pandemic, citing lower demand for anti-infective products used in surgeries in China and disruptions in traditional prescribing patterns in the U.S. as people avoided going to to the doctor, including a 19% drop in sales of its smoking-cessation drug Chantix. The impact was offset to some degree by "strong performance" of its heart drugs, Vyndaqel and Vyndamax, and its biosimilars business. It did not disclose any additional details about its work to develop a COVID-19 vaccine with BioNTech . However, it did note that the Phase 2/3 clinical trial for the vaccine candidate had enrolled 42,000 participants as of Monday, and about 85% of the participants have received their second and final dose of the experimental vaccine. Pfizer adjusted its 2020 guidance for adjusted earning share to $2.88 to $2.93, from $2.85 to $2.95. Pfizer's stock is down 3.2% for the year, compared with the S&P 500 , which has gained 5.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Yahoo BusinessOct 27, 2020
Yes, Tesla Beat Earnings — and Yes, Tesla Stock Is Still a Sell, Says Analyst
For a day that marked Tesla's (TSLA) fifth straight quarter of reporting positive profits, last week's 0.7% increase in the share price of Tesla stock seemed somewhat underwhelming.Reporting earnings Wednesday night, Tesla closed trading Thursday up only modestly, and really, only barely outperforming the S&P 500's overall 0.5% move. Tesla called Q3 its "best quarter in history," with pro forma earnings coming in 36% ahead of expectations at $0.76 per share, sales of $8.8 billion about 6% better than predicted, and free cash flowing strongly -- $1.9 billion over the past 12 months.Tesla told investors Wednesday that it remains on target to produce and deliver half a million electric cars this year, despite the fact that "this goal has become more difficult" to achieve in the face of Covid-19. Cybertruck deliveries are expected to begin late next year. Even Tesla's "energy" business -- solar roofs and solar storage -- looks "poised for strong growth," said the company.Much of Wall Street applauded the news, with R.W. Baird and JMP Securities both upgrading Tesla shares to "outperform" and Piper Sandler calling Tesla a "must-own" stock, and as both Oppenheimer and RBC Capital raised price targets on the shares. One analyst, however, stood out from the crowd for his continued pessimism on Tesla:Gordon Johnson of GLJ Research says Tesla is still a "sell."Urging investors not to forget the forest for the trees, Johnson reminds Elon Musk fans that Tesla continues to rely heavily upon

Yahoo BusinessOct 27, 2020
OneMain Raises Dividend By 36% After EPS Beat Street Estimates
OneMain Holdings raised its quarterly dividend by 36% to $0.45 per share after the financial services company's 3Q profit exceeded analysts' estimates. The dividend will be paid on Nov. 17 to shareholders on record as of Nov. 9. OneMain shares are up 1.5% in the pre-market session on Tuesday.OneMain's (OMF) 3Q EPS increased 2.2% year-on-year to $1.86 and came ahead of the Street consensus of $1.22. However, 3Q revenues fell 4.3% year-on-year to $935 million, missing analysts' expectations by $3.42 million.OneMain said that its Consumer and Insurance (C&I) segment's adjusted earnings rose to $2.19 per share in 3Q, up from the $1.77 per share in the prior-year quarter. Moreover, the C&I's provision for finance receivable losses of $232 million in 3Q declined from the year-ago quarter of $277 million, primarily due to the impact of lower delinquencies in the portfolio.OneMain's CEO Doug Shulman said that "Our third quarter financial results reflected continued strength across the core drivers of our business, as well as our focused efforts to support customers during this period of uncertainty." He added that "Advanced data and analytics are driving our sophisticated underwriting and continued innovation, enabling OneMain to continue to enhance and strategically evolve our business while driving strong returns for all stakeholders." (See OMF stock analysis on TipRanks).Following the results, Northland Securities analyst Michael Grondahl maintained a Buy rating and a price target of $40 (6.6% upside
TRENDING TAGS
stockmarket COVID-19 surge Cases profit
Stockssurge Covid-19 European My Cases
COVID-19cases stocks surge How European
earningsCall Transcript Q3 Inc shares
Coronaviruscases latest pandemic Dow high
Salesprofit expectations Pandemic Fall 3M
buybillion AMD Xilinx Stock Stocks
profitMy beats sales outlook expectations
pandemiccoronavirus How Sales amid During
ElectionDay How Stock Market one

NEWS SOURCES
Top News (Business News)
Accounting Today
AdWeek News
Banking Business Review
Barron's This Week Magazine
Barron's Up and Down Wall Street Daily
Brad Ideas
Chicago Tribune Business News
CNBC Business
CNBC Economy
CNBC Finance
CNN/Money
CNN/Money Real Estate News
Dismal.com: Analysis
Dismal.com: Indicators
Enterprise Application News
Entrepreneur.com
Forbes Headlines
Forbes Social Media News
FT.com - China, Economy & Trade
FT.com - Financial Markets
FT.com - Hedge Funds
FT.com - Telecoms
FT.com - US
Google Business News
Google Market News
HBS Working Knowledge
Inc.com
INSEAD Knowledge
International Tax Review
Kiplinger
Knowledge@Wharton
L.S. Starrett News
MarketWatch
MarketWatch Breaking News
MarketWatch MarketPulse
McKinsey Quarterly
MSNBC.com: Business
Nielsen Trends
NonProfit Times
NPR Topics: Business
NYTimes Business
OpinionJournal.com
Private Equity Breaking News
Reuters Business
Reuters Company News
Reuters Money
SEC.gov Updates: News Digest
SHRM HR News
Tax Policy News
The Economist International News
The Motley Fool
USA Today Money
Wall Street Journal US Business
Wall Street Transcript
Washington Post Business
WSJ Asia
WSJ Europe
WSJ MoneyBeat
WSJ Opinion
WSJ US News
WSJ World Markets
Yahoo Business
  • CEOExpress
  • 1 Boston Place | Suite 2600
    Boston MA 02108
  • 617 482 1200
    617 299 8649 (fax)
  • Contact
  • As an Amazon Associate
    CEOExpress earns from
    qualifying purchases.

©1999-2020 CEOExpress Company LLC